Chartered Accountants. Tax in focus. Monthly audio program. June 08. The extras

Transcription

1 Chartered Accountants Tax in focus Monthly audio program June 08 The extras

2 Tax training that really measures up "The Institute's In-House Tax Training has taken our firm's training program to a new level" Gavin Johns CA - Hirn Newey - DFK The Institute of Chartered Accountants In-House Tax Training provides you with a cost effective and flexible means of keeping your staff and business up-to-date with the ever-changing world of tax. Tax is universal. But your business needs are unique. Our expert tax trainers will develop a training program to address the key tax issues relevant to your business. We will tailor training programs to suit your time, budget and training needs. Our experienced in-house tax specialists have the practical knowledge and experience to deliver an industry leading tax update. Their aim is to focus specifically on the needs of your business, ensuring a more focused and interactive approach than ever before. website Chief Editor John Hounslow Production Manager Heather Dawson Studio Manager Peter Letts Advertising/Sponsorship Nick Schildberger nschildberger@be.com.au Managing Director Michael Schildberger Publisher Business Essentials Pty Ltd ABN Riversdale Road, Hawthorn East VIC 3123 Phone (03) Fax (03) Copyright 2008 Business Essential Pty Ltd ABN and the Institute of Chartered Accountants in Australia ABN Business Essentials and the BE logo are registered trademarks of Business Essentials Pty Ltd. Neither Business Essentials Pty Ltd nor Michael Schildberger, nor the Institute of Chartered Accountants in Australia, nor sponsors of this program accept any form of liability, be it contractual, tortious or otherwise, for the contents of this CD or for any consequences arising from its use or any reliance placed upon it. The information, opinions and advice contained in this CD are of a general nature only and may not relate to or be relevant to your particular circumstances.

3 This month s essentials Track 1 Legislation > Div 13A - Government to close loophole > Removal of same sex discrimination to be introduced Track 2 Income tax > Computer consultant - PSI - Fowler v FCT > Wages mistakenly paid not income - TD 2008/9 > Voluntary payment to retired partner - Mews v FCT > Horse Industry Ruling - TR 2008/2 Track 3 Deductions > Interest not deductible - Case 2/2008 > Partnership allowed carried forward losses - Malouf v FCT Track 4 Trusts > Excess income taxed to beneficiary - Re Ryan v FCT > Trust stripping - Raftland v FCT > Discretionary trust distributions caught - Bamford v FCT Track 5 Companies > Div 7A - corrective action by 30 June 2008 > Div 7A - written agreements - TD 2008/8 > ATO warning on Div 7A loans and prepayments of service fees Track 6 Appeals > Hastie Group v FCT - to FFC - franking credits not available > FCT - Sydney Refractive Surgery - to FFC compensation not assessable > FCT v Malouf - to FFC re amount incurred at date of contract > Word Investments - High Court granted leave to FCT > Bamford v FCT - to FC re proportionate approach and offshore super

4 This month s essentials Track 7 CGT > Capital gain - unlimited amendment period - Metlife Insurance v FCT > Share capital reductions - PSLA 2008/10 > CGT improvement threshold for 2008/09 - $119,594 - separate asset > Main residence not available - Chapman v FCT Track 8 FBT > Loan and debt waiver benefits - TD 2008/10 & 2008/11 > Car parking threshold - $ TD 2008/12 > FBT Sub-committee minutes Track 9 GST > Taxi operator's assessment not excessive - Huynh v FCT > Penalty for claiming ITCs without tax invoice - Chalmers & Anor v FCT > Impact statement on KAP Motors > Government to limit scope on restriction of GST refunds - re KAP Motors > GST revenue neutral corrections - PSLA 2008/9 > GST payable on forfeited deposit - HC decision on FCT v Reliance Carpet > No ITC for yacht - Drysdale v FCT Track 10 Superannuation > SMSF - Meaning of Business Real Property - SMSFR 2008/D3 Track 11 Tax administration > Tax debt recoverable from third party - Brown v Brown & Ors > Commissioner on tax compliance > Meaning of reasonable care and recklessness - MT 2008/D1-2008/D3 > Luxury vehicle data matching

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6 In-House Training that really measures up For tailored In-House Training that provides your business or practice with a competitive edge turn to the experts at the Institute of Chartered Accountants in Australia. We offer customised training in three main areas technical, general business and people skills. Visit charteredaccountants.com.au/inhouse